Can You Get a Prenup After Marriage?
You cannot sign a prenup following a marriage. However, when there’s been a considerable economic change for either your spouse or you, you have the right to sign a postnup to obtain more safeguards in the event of divorce.
Picture this: You’ve recently married your forever partner. You’re still savoring in the post-wedding radiance when your grandfather passes away. He bequeaths you with a considerable inheritance, a life-changing sum of money.
That money is not only yours but your spouses also. If you were to get a divorce, that would be deemed as marital property and would be split based on your state’s regulations between the two uncoupling spouses. You didn’t sign a prenup before you got married, however, now you’re thinking maybe I should have.
Can You Get a Prenup After Marriage?
In short response: no. A prenuptial agreement is just before your wedding or nuptial services. After the marriage license gets signed, you no longer have the right to a prenup.
However, you can enter into a postnuptial agreement. With a postnuptial agreement, also referred to as a postnup, it is constructively and legally nearly the same as a prenup. It permits spouses to agree to the separation of shared and individuals’ property and assets in case of a divorce.
What Is a Postnuptial Agreement?
A postnup agreement is basically a prenuptial agreement that’s signed after getting married. A postnup is going to cover the separation of property, assets, and debts in case of death or divorce. To be legitimate, a postnuptial agreement is required to be in writing, be entered into voluntarily by each party, be signed by each party, and both parties are required to make a full and truthful financial disclosure.
Postnups are different from a separation agreement in that the spouses sign excluding the objective of separating. A separation agreement is simply devised once spouses have chosen to get a divorce. It’s preventive, setting up the spouses to save money and time on petitions for divorce if they later decide to separate.
A postnup could cover:
- Inheritance matters
- Separation of liabilities
- Separation of marital and individual property
- Rights of Business ownership
- Standards of spouses of one another
- Economic responsibilities of each spouse
- Potential, future spousal support
One of the greatest benefits of a postnuptial agreement is that it can establish the terms of separation prior to divorcing. By signing a postnuptial agreement and establishing the terms of divorce beforehand, each party is going to have simpler, less expensive, and less drawn-out divorce proceedings.
Prenups vs. Postnups: What are the Differences?
There are two primary differences between prenups and postnups: timing and the reasons for signing.
Timing: The most initial disparities between these two official agreements is that a prenup is signed prior to marriage, whereas a postnup is signed following marriage.
Reasons for signing: Overall, a prenup outlines the provisions and conditions for the dividing of assets in cases of separation. A postnup can summarize the same relevance, however, it can also be utilized to bring up to date a present prenup and handle any adjustments that have occurred since the wedding.
Whereas different, prenups and postnups operate in the same manner. They are both legally enforceable agreements that detail how joint and individual assets are going to be divided in the occurrence of a divorce. The agreement can lay out terms for both marital and individual assets.
Reasons To Think About a Postnup
- Dividing business interests
- Change in financial standing: inheritance or gift
- Accommodating a stay-at-home parent
- Dividing liabilities
Legal Considerations and Requirements for Postnups
- Is required to be in writing and signed
- Complete financial disclosure from each party
- Took part in willingly and knowingly
Speak With Our Estate Planning Attorneys In Phoenix, Arizona Today
Estate planning is the right thing to do for the people you love. It’s another way to say “thank you” to those who love you. Some of the decisions are hard, but at Ogborne Law, we will help you navigate these difficult decisions.
Your Arizona estate planning attorney can help you select a will or trust or both. Your estate solution will work for you. You will have the peace of mind that comes with effective planning for the future. Call 602.343.1435 or contact Ogborne Law with questions.
